December 3, 2019 / 4:44 PM / 11 days ago

SPD to distance itself from budget policy of no new debt - document

BERLIN, Dec 3 (Reuters) - Leaders of Germany’s Social Democrats (SPD) are set to call for a large public investment push that should not be hindered by “dogmatic positions” such as the government’s ‘black zero’ budget policy of no new debt, a document showed on Tuesday.

A draft of a motion by SPD leaders to put to party delegates at a congress starting on Friday said the SPD shared the view that public investment of more than 450 billion euros needed over the next 10 years could not be financed through the reallocation of existing funds alone.

“In this sense, steady investment must not be prevented by dogmatic positions such as Schaeuble’s black zero,” the document said, in reference to former Finance Minister Wolfgang Schaeuble, the mastermind of the self-imposed budget goal of not incurring any new debt. (Reporting by Holger Hansen Writing by Michael Nienaber Editing by Paul Carrel)

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